Dear Sir/ Ma'am,
if Assesse have received compulsory compensation from govt for acquiring of agriculture land and Assesse mother also get compensation from govt for compulsory acquisition of agriculture land. mother of assesse give money as received to Assesse as loan & advance, please let me know is there any reporting of such loan a
nd advance is mandatory in filing of income tax return??
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income tax return
Replies (5)
No reporting is there in ITR about such a loan or advance.
is it mandatory to fill return of mother bcz mother don't have any income except saving bank interest and compensation received.....
since question doesnt clarify that it is Urban/ rural agriculture land
so I am supposing it is Urban agicultural land
since assess and his mother has also received compensation from govt I advise first assesses has to pay tax as LTCG unless it is exempted under section 10(37).
if mother has given loan the above amount no matter that mother has not filled ITR
so I am supposing it is Urban agicultural land
since assess and his mother has also received compensation from govt I advise first assesses has to pay tax as LTCG unless it is exempted under section 10(37).
if mother has given loan the above amount no matter that mother has not filled ITR
okay it's is covered under section 10(37), and I have filled ITR 3 SHOWING compensation amount in EI Schedule as other exempt income
good
correct treatment
correct treatment
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